In a large microwavable bowl, melt Velveeta, butter and milk together in the microwave for 3-5 minutes, pausing to stir every minute, until ingredients are mostly melted and combined. Stir in noodles, egg, salt and pepper until combined.

Pour noodles into pan. Top with shredded Colby-Jack cheese.

Cover and bake for 30 minutes. Uncover, and cook until bubbly and slightly browned, about 15-20 more minutes.